Earnings

Elicio Extends Cash Runway Into Second Quarter of 2027

The Tip Desk · November 11, 2026 · 3 min read

Cash and cash equivalents were $30.9 million as of September 30, 2026, after a July registered direct offering of about $13.6 million and $4.3 million of at-the-market net proceeds.

Elicio Therapeutics, Inc. (ELTX), a clinical-stage biotechnology company developing immunotherapies for KRAS-driven cancers, said cash and cash equivalents of $30.9 million as of September 30, 2026, are expected to support operations into the second quarter of 2027.

That runway statement extended the company’s prior-quarter view that a July financing would carry cash into the first quarter of 2027. Cash and cash equivalents were $18.6 million at year-end 2025. In the third quarter the company raised $4.3 million through its at-the-market program, for aggregate net proceeds of about $28.6 million year to date. In July it raised about $13.6 million in a registered direct offering after placement-agent fees and related expenses.

The quarter’s clinical update centered on pre-specified analyses from the randomized Phase 2 AMPLIFY-7P trial of camupepimut in resected pancreatic ductal adenocarcinoma, presented at ESMO Congress 2026 and published in Nature Medicine. The trial did not meet its primary disease-free survival endpoint in the intent-to-treat population. Those subgroup results were not in the second-quarter release, which had said only that the company continued to evaluate pre-specified subgroups, including the R0 resected population, to refine its Phase 3 strategy.

The new analyses showed a 49% reduction in the risk of disease recurrence or death in ctDNA-negative patients, a 43% reduction in ctDNA-positive patients, and a 41% reduction in patients without prior radiation. A supportive multivariable analysis adjusting for baseline prognostic imbalances estimated a 53% reduction in the hazard of recurrence or death (HR 0.47; p=0.0086). President and Chief Executive Officer Robert Connelly said the findings would help guide patient stratification and dosing in a planned Phase 3 adjuvant study.

Additional Phase 2 AMPLIFY-7P clinical and translational findings are scheduled for a plenary oral presentation and a late-breaking poster at SITC 2026. New preclinical AMP-CpG (ELI-004) data showed complete tumor responses in 50% of treated animals in head-and-neck cancer models and 100% in melanoma models.

The planned Phase 1 metastatic PDAC combination study was specified as camupepimut with daraxonrasib, with or without nivolumab, still targeted for a fourth-quarter 2026 start. The second-quarter update had described the study only as ELI-002 7P plus a RAS small-molecule inhibitor with or without anti-PD-1. An investigator-initiated Phase 1 neoadjuvant study of camupepimut with chemotherapy and anti-PD-1 therapy in resectable and borderline resectable PDAC, led by Memorial Sloan Kettering Cancer Center, is ongoing.

Research and development expense was $4.9 million in the third quarter of 2026, compared with $5.0 million a year earlier. The company said the $0.1 million decrease was primarily due to lower clinical trial costs as Phase 2 camupepimut patients moved out of active dosing and into follow-up, partially offset by higher personnel costs. General and administrative expense was $3.6 million. Net loss was $8.0 million, or $0.30 a share, compared with $10.1 million, or $0.60 a share, a year earlier. Weighted-average common shares and pre-funded warrants outstanding were 26.3 million.

Camupepimut is an investigational off-the-shelf immunotherapy designed to generate immune responses against seven common KRAS mutations using Elicio’s Amphiphile technology.

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